Today's Share Market Updates

The Nifty50 remained volatile on the expiry day and closed above its crucial support level of 9,500 on Thursday. The index made an ‘Inverted Hammer’ kind of pattern on the daily candlestick charts. 

Inverted Hammer signifies that markets could be bottoming out and there is a higher chance of a bounce back in the upcoming session, but that will only be confirmed on seeing Today's candlestick formation.

Traders can safely assume that as long as 9,470 holds on the Nifty positive momentum is likely to continue while a close above 9,600-9,615 would resume the uptrend.

Key Support & Resistance Level for Nifty:

The Nifty closed 12 points higher or 0.14 percent at 9,504. According to Pivot charts, the key support level for Nifty50 is placed at 9,473, followed by 9,442. If the index starts to move higher then key resistance levels to watch out are 9,555, followed by 9,606.

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BSE to suspend trading in 11 companies for violating norms

Leading stock exchange BSE will suspend trading in the securities of as many as 11 companies from July 19 as they failed to comply with certain norms for two consecutive quarters.

In case they comply with the norms by July 13, they would not face trading suspension.

The firms that face suspension are Birla Transasia Carpets Ltd, Jay Energy & S Energies, Anil Ltd, Koa Tools India, Krishana Fabrics, Orbit Corporation, Rubber Products, Sancia Global Infraprojects, SM Energy Teknik & Electronics, Software Technology Group International and Pochiraju Industries.

The exchange has also ordered the freezing of the entire promoter shareholding of these companies from Tuesday, 27 till further notice.

Under Sebi's Depositories and Participants Regulation 55 A, every firm will have to submit the audit report, on a quarterly basis to the bourse, about the reconciliation of the total issued capital, listed capital, and capital held by depositories in dematerialised form and the details of changes in share capital during the quarter.

Further, the exchange said the suspension will continue till such time these firms comply with the norms.

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RIL overtakes TCS to become Top Indian firm

After a gap of 2-months, Reliance Industries Ltd (RIL) on Friday regained the status of the country's most valued firm, overtaking Tata Group’s Tata Consultancy Services (TCS) in terms of market valuation.

At close of trade, RIL commanded a market capitalisation (m-cap) of Rs 4,66,599.69 crore, which was Rs 1,450.62 crore more than TCS' Rs 4,65,149.07 crore valuation.

Shares of RIL ended flat at Rs 1,435, up 0.13 percent, while Tata Consultancy Services fell by 1.47 percent to close at Rs 2,360.65 on BSE.

So far this year, shares of RIL have gained nearly 33 percent, while TCS is trading flat, down 0.05 percent.

TCS had replaced RIL as the most valued firm more than four years ago but a sharp rally in the shares of the Mukesh Ambani-led firm in the recent past has helped the company close the gap.

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Top 5 fundamentally strong stocks to buy on dips which could give up to 22% return

The momentum which propelled the Nifty50 to reclaim Mount 31 K, up 17 percent so far in the year 2017 could well slow down, but there will be plenty of stock specific action.

Most experts have a target of 32,000 – 33,000 on the S&P BSE Sensex which translates into an upside of about 5 percent. Investors will be better off staying with stocks which can outperform markets by a wide margin.

List of top 5 Stocks - 

Dr Reddy's Labs: BUY| Target Rs3280| Return 22%

CLSA maintains a buy rating on Dr Reddy’s Laboratories with a 12-month target price of Rs 3280. The Asia-focused broker said the company expects continued progress on regulatory compliance in FY18

Shriram Transport Finance: BUY| Target Rs1159| Return 16%

Reliance Securities maintains a buy rating on Shriram Transport Finance (STFC) with a 12-month target price of Rs1,159.

Disbursements improved by 29.5 percent on a QoQ basis to Rs105.2bn in 4QFY17 as against Rs81.2bn in 3QFY17 primarily due to the revival of the demand post demonetisation.

HDFC: BUY| Target Rs1786| Return 10%

Reliance Securities maintain a buy rating on HDFC with a target price of Rs1786.

The domestic brokerage firm expects further improvement in operating performance in coming quarters on the back of healthy net interest income (NII) growth and a listing of insurance arm.

Infosys: BUY| Target Rs1040| Return 10%

Reliance Securities maintains a buy rating on Infosys with a 12-month target price of Rs 1040. Infosys’ revenue rose by 0.7 percent QoQ in 4QFY17; a positive factor was the healthy 4.1 percent QoQ growth in the ECS vertical, with Communications & Services growing nearly 10 percent QoQ and accounting for nearly 10 percent of revenue, the highest proportion since 2QFY13.

Maruti Suzuki India: BUY| Target Rs7900| Return 9%

Sharekhan maintains a buy rating on Maruti Suzuki with a target price of Rs7,900. Maruti Suzuki India Ltd (MSIL) has fast tracked production at the new Gujarat plant in wake of strong demand for the recent launches.

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Trade set up of the day

The Nifty closed below its crucial support level of 9,650 on Wednesday but the way bulls pulled the index from its intraday low of 9,608, a breakout is in the offing.

Once Nifty manages to get past the immediate hurdle of 9,676 levels then momentum is likely to strengthen further with which bulls may find enough ammunition with them to destroy the top of 9,709 going forward, suggest experts.

The Nifty which slipped towards its support of 9,600 managed to recoup some losses and closed near its opening level on Wednesday, making a ‘Hammer’-like pattern on the daily candlestick charts.

Support & Resistance Level for Nifty - 

The Nifty closed 19.90 points lower or 0.21 percent at 9,633.60. According to Pivot charts, the key support level for Nifty is placed at 9,611, followed by 9,589. If the index starts to move higher then key resistance levels to watch out are 9,653, followed by 9,672.

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SEBI Eases norms for Foreign Investors & Tightens P-notes

The Securities and Exchange Board of India (SEBI) today said that it would ease the takeover process for banks under the recently-introduced bankruptcy code from its strict share pricing rules, adding that such transactions will be governed only by RBI regulations.

“Share price during stake sale under NCLT will be not bound by SEBI rules,” SEBI chairman Ajay Tyagi said at a press conference after conclusion of the regulator's board meeting.

Sebi today decided to ease the entry norms for overseas investors by permitting a direct access to Foreign Portfolio Investors (FPIs) from eligible jurisdictions.

P-note norms - 

The market regulator also tightened norms on P-notes and said it would levy fees on investments via P-notes.

A regulatory fee will be charged on P-notes issued by overseas derivative instruments (ODIs). "The regulator is not in favor of completely banning the P-notes," Tyagi said.

The market regulator has also floated a consultation paper for equity derivatives market department. The government will form a committee for spot and derivative market soon.

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Sensex flat, but over 100 stocks hit 52-week high

After a strong rally seen in the previous trading session, the S&P BSE Sensex ended the session on a flat note. But there was plenty of action in individual stocks which rose up to 17 percent.

As much as 109 stocks rose to fresh 52-week highs on the BSE which include names like Disa India, Can Fin Homes, Balkrishna Industries, BEML, Bajaj Finance, UPL, Gulf Oil Lubricants, LIC Housing Finance, Godrej Industries, and GIC Housing Finance.

Stocks like Hilton Metal rose 17 percent, followed by B L Kashyap which rallied 12 percent, Bharat Bijlee rose 10 percent and Roto Pumps surged 10.4 percent on Tuesday.

The Nifty which made a bullish candle in the previous trading session held onto its crucial psychological support level of 9650. Although it rose in morning trade but has now pared gains.

As much as 70 stocks on the NSE touched its fresh 52-week highs which include names like UPL, GMR Infrastructure, L&T Infotech, Tata Investments, Astral Poly, Phillips Carbon, NIIT Technologies, Swelect Energy, and Indian Hume Pipe.

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Stocks which could give up to 10% return

Nifty50’s behaviour after registering lifetime highs of 9709 levels, has confused the majority of the market participants as it slowly started drifting down for last 9 trading sessions albeit with a minimum price damage.

Investors can initiate long positions once Nifty50 closes above 9,600-9,620 on a closing basis. However, if the index holds below 9,580, selling pressure could drag the index towards 9,550-9,530.

Hence, in anticipation of such a positive development traders can look into following stock specific ideas for next week.

Cummins India: BUY| Target Rs 1020| Stop Loss Rs887| Return 10%

After the recent drubbing from the highs of 1070, this counter appears to be consolidating around 900 levels from where a decent bounce back can be expected with an initial target of Rs959 levels.

Shriram Transport Finance: BUY| Target Rs 1010| Stop Loss Rs940| Return 2%

After retracing around 80 percent of its last leg of the rally from the lows of 933 to 1042 this counter has registered a reversal formation called piercing pattern on candlestick charts which shall have a positive repercussion going forward for this counter.

Reliance Industrial Infrastructure Ltd: BUY| Target Rs 485| Stop Loss Rs445| Return 5%

This counter has witnessed a breakout above its consolidation zone of Rs440 – 414 on relative much higher volumes suggesting it may be in for a bigger move.

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